What business model innovation actually means

by Katharina

As a traditional chemical company, looking back on a proud history, business goes as usual day by day. Clearly, there are challenges and hurdles the business teams must tackle. However, in the end, we continue to grow our business the way we have always been doing it. No wonder we often hear sentences like: “Das hamma doch scho’ immer so g‘macht” (Bavarian for: That’s the way we’ve always been doing that).

Lately, business model innovation has become a strategic core element of all kind of business. Why? Because digitalization, speed and globalization turn all businesses upside down. Here in the valley they talk a lot about exponential growth – which is source and driver of all innovations twisted here.

So, what is business innovation all about? It is about re-calibrating or creating new business by focusing on customers and their actual needs. Sounds kind of obvious. What is not so clear, is how to do that. Throughout the last years a new set of tools has been developed by creative heads around the globe. Grove, Osterwalder, BMI Lab and BMI Inc – only to name a few. They have worked out visual templates which are shared openly and are a quintessential fundament to any kind of business innovation. Though even more importantly, they stand for professional moderation skills which enable organizations to think out of the box and work on new concepts.

Basis, however, is an open, creative and interdisciplinary team which can quickly learn and adapt the tools and methods. For WACKER the participants of the SVC form this basis. The participants are well aware of their ambassador role they will play within their teams. Already now they are thinking of how to share their experiences and knowledge with their colleagues back home. I am curious to watch this change happen and how we can see new opportunities arising for our business!